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Gramercy Investment Advisors LLC
> PEO
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 12/31/2011 | ADAMS NATURAL RESOURCES FUND, INC. | PEO | 403,286 | 70,845 | 9,872,000 | 2,352,000 | $24.48 |
| 09/30/2011 | ADAMS NATURAL RESOURCES FUND, INC. | PEO | 332,441 | 0 | 7,520,000 | -2,284,000 | $22.62 |
| 06/30/2011 | ADAMS NATURAL RESOURCES FUND, INC. | PEO | 332,441 | 332,441 | 9,804,000 | 9,804,000 | $29.49 |
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